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Year in Review: Trends, Challenges and Opportunities in Fintech and Financial Services


February 20, 2023 | Jonathan Pryer

Our Top Ten Articles of 2022

Last year was nothing short of amazing in the world of fintech and financial services. Globally, there were ongoing questions of whether we’d hit a full recession or not, uncertainty over the war in the Ukraine, continued supply chain issues, the never-ending pandemic, political strife, layoffs in the tech world and beyond (and what the heck happened to Elon Musk??)… but despite all that (or maybe because of all of that), there were great strides made in areas like AI, data consumption, and risk decisioning. And our Provenir team of experts were smack dab in the middle of the action.

We’ve gathered some of our top articles of 2022 that featured Provenir and other industry-leaders, talking about key topics in the fintech/finserv world like fraud, financial inclusion, data-as-a-service, hyper-personalization, the consumer experience, and more. Read on and let us know which ones are your faves!

  1. Leaning Into Innovation to Bring Newfound Speed and Accuracy to Credit Risk Modelling: Did you know only 16% of APAC decision-makers feel their credit risk models are mostly accurate? Varun Bhalla, our Country Manager of India, shared his thoughts with CXO Today, discussing how alternative data and AI/ML will help optimize credit risk models and maximize returns for financial services organizations.
  2. Fintech Tools, Security Concerns Top of Mind for Gen-Z Banking: Generation Z gets a bad rap sometimes (tech-addicted, anti-social, obsessed with social media and influencers) – but they also have valid concerns around the security of the tools they use in everyday life, including financial services. Kathy Stares, EVP of North America, talks to InformationWeek about what drives Gen-Z consumers, and how their expectations are driving product development across the board.
  3. Transforming Financial Institutions Through Data-as-a-Service: What does Bharath Vellore, our GM of APAC, have to say about data? Quite a bit! With a strong reliance on only traditional data and limited access to alternative data, the result is more inaccurate credit decisions. See how Data-as-a-Service marketplaces have emerged to solve this data problem, and how they’ve opened the door to not only better credit decisions, but more inclusive ones.
  4. Study: AI Can Improve Credit Risk Models in Financial Services: The consumer credit market has changed significantly in the past few years, and as a result, there is a substantial level of uncertainty surrounding the accuracy of credit risk models. Globally, only 18% of decision-makers think their credit risk models are mostly accurate. This piece in AI Business discusses how the use of AI can fix that. 
  5. Meeting Customers “Where They Are” Through Financial Inclusion and Hyper-Personalization: As the economic reality of consumers continues to shift, their risk profiles are changing. In other words, borrowers are struggling. In this Finance Digest article, Kathy Stares, our EVP of North America, shares how financial services organizations and lenders can better meet customers’ needs by leaning into high levels of personalization and encouraging inclusivity with tools like alternative data, AI and Machine Learning.
  6. AI-enabled Risk Decisioning Becomes the Weapon of Choice for Fintechs: Fraud – both detection and prevention – seems to dominate the headlines these days. But how can fintechs and other financial services organizations best fight it? One way is AI-enabled risk decisioning, according to Carol Hamilton, Chief Commercial Officer of Provenir AI. In this Fintech Times article, she shares the key benefits of using AI-enabled decisioning and alternative data.
  7. Why Businesses in Southeast Asia are Missing out on Using AI for their Risk Decisioning: Planning for risk may not seem like the most thrilling of topics, but as Bharath Vellore, GM of APAC, points out in this interview with Tech Collective in Southeast Asia, it’s critical for the success of any business. And when we talk about risk decisioning, utilizing advanced technology like AI/ML is a key competitive advantage that allows you to react faster to changes and make more inclusive decisions.
  8. Fintech Trends: Growth of Buy Now Pay Later and Increased Investments in Technology Enabling Financial Inclusion: BNPL remains a top buzzword in many regions around the globe, in part because of its unique ability to encourage financial inclusion for those who have been underserved by more traditional lenders. Kathy Stares, EVP of North America, talks to Financial IT about the sustained growth of BNPL and the way technology can continue to drive advancements in how we ensure access to financial services for all.
  9. Decisioning-as-a-Service: Levelling the Financial Playing Field: How can financial services organizations effectively ensure the agility, scalability, and data security they need to exceed customer expectations, while still reducing operational complexity and costs? The key is in the cloud, and in related technology advancements like Decisioning-as-a-Service. In this Cloud Awards piece, Kim Minor, Provenir’s SVP of Global Marketing, talks about the benefit of Decisioning-as-a-Service to banks, credit unions, SMEs and more.
  10. Attacking Banking and Fintech Fraud Head-On Through AI-Infused Strategies: The riskiest interaction with any customer is the very first one, where the highest potential for fraud lies. And 43% of financial services organizations expect the number of fraud attempts to continue to increase. This is where AI comes in. Carol Hamilton, Chief Commercial Officer of Provenir AI, talks to Finance Digest about why and how banks and fintechs are deploying AI to improve fraud detection and prevention.

As we see what 2023 has in store for us, it’s clear that these major trends around AI/ML, financial inclusion, data, and fraud aren’t going anywhere. What are your biggest focuses for this year, and where do you think your biggest challenges will lie? For more info on what our experts see on the horizon for this year, check out our eBook on the Changing Economic Landscape and how it’s impacting financial services.

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